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volume 4, issue 5, 2025
951
ASSESSMENT OF INVESTMENT EFFICIENCY BASED ON PERSONAL
PREFERENCES AND EXPECTATIONS IN THE NEOLIBERAL CONCEPT.
Salamov Farrukh Fattoevich
Acting Associate Professor of the Department of Economic Theory at the
Samarkand Institute of Economics and Service.
E-mail:
Key words:
ease of obtaining credit , intertemporal coordination between investor and consumer
decisions , capital intensity.
Abstract:
the article is devoted to the process of investment in the theories of neoliberal
economic schools.
According to prospect theory, developed by D. Kahneman and A. Tversky in 1979, investors
regularly violate the provisions of the expected utility theory and the theory of rational
expectations. Within the framework of the theory of behavioral finance, the criterion for
decision-making is not the level of well-being, but the subjective assessment by the economic
entity of his loss or gain obtained as a result of investment activity
. Subjective assessments are
akin to a "narrow frame" through which the investor looks at the entire spectrum of existing risks
. The action of the narrow frame mechanism can be seen as an explanation for the phenomenon
of the return premium on capital, as well as the limited participation of households in stock
market activities. market
. For households, it is not only the quantitative assessment of the
expected investment return that is fundamentally important, but also the “moral-ethical anchors”,
that is, normative-value judgments that take the form of a narrative or justification. “That is why,
in the case of moral-ethical anchors, people compare a story that does not have any quantitative
measurements with the amount of profit they can make
. ”
The theory of behavioral finance assumes taking into account psychological factors that hinder
effective investment decision-making. It is proved that emotional involvement in the investment
process reduces profitability in the long term, which negatively affects the pricing mechanism of
the investment market, increasing its information asymmetry.
The proponents of behavioral and information economics theories, which include representatives
of post-Keynesianism , neoliberalism, and the new institutional school, study not so much the
investment mechanism, its forms, types, and stages, as they study the behavior of the subject in
1
Unlike M. Friedman and L. Savage , J. Akerlof , R. Shiller and D. Patinkin are confident that economic activity has
not only rational motivation, but is also largely determined by irrational incentive impulses, which is the main cause
of economic fluctuations and forced unemployment ( Akerlof J., Shiller R. Spiritus Animalis , Or, How Human
Psychology Drives the Economy and Why It Matters for Global Capitalism / Translated from English by D.
Priyatkina . – Moscow: United Press, 2011. Pp. 206-210; Patinkin, D. Money, Interest, and Prices. Combining the
Theory of Money and the Theory of Value / Translated from English by E.V. Manevich . – Moscow: Economica,
2004. Pp. 35-44).
2
Benartzi S., Thaler RH Myopic loss aversion and the equity premium puzzle // Quarterly Journal of economics.
1995. Vol. 110(1). - P. 73-92.
3
Dimmock SG, Kouwenberg R. Loss-Aversion and Household Portfolio Choice // Journal of empirical finance.2010.
Vol . 17(3). - P. 441-459.
4
Shiller R. J. Irrational Optimism. How Reckless Behavior Drives Markets / Translated from English by E. Kalugin. -
M.: OOO Alpina Publisher , 2013. - P. 235.
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volume 4, issue 5, 2025
952
the process of making an investment decision. All this suggests that in the conditions of the
information economy, there is no traditional division of macroeconomic subjects based on the
types of their economic activity. For example, modern firms can be both borrowers and creditors
at the same time, participate in the investment process, and save. In modern conditions,
macroeconomic agents try to extract income from the investment process by diversifying their
investment portfolio. The introduction of the latest technological advances, such as artificial
intelligence, facilitates the process of forming an optimal investment portfolio that provides for
investments in various objects, thereby ensuring a balance of risk and profitability;
Conclusion:
within the framework of the theory of information economics, scientists focus not
so much on studying investments as real capital investments, research into sources, stages of the
investment process, forms and types of investments, but rather on analyzing the investment
behavior of economic entities, their motivation, the mechanism for making investment decisions,
which blurs the boundaries of the traditional concept of macroeconomic entities by the type of
their economic activity.
Bibliographic list
1.
M.M.Mukhammedov . , N.A.Kamilova // Economic theory / textbook. Samarkand 2023
pp. 288-289.
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Becker G.S. Family // Economic Theory / Edited by J. Eatwell , M. Milgate , P. Newman .
– M.: INFRA-M, 2004.
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John J. Murphy Technical Analysis of Futures Markets: Theory and Practice. Moscow
2011. 610 p.
4. Ermilina D.A. Investments in the light of economic theory. [Text] / D.A. Ermilina //- Regional
problems of economic transformation. Makhachkala - 2013 - No. 1 - pp. 239-246
